Covid-19 Protect Your Business

On the 14th May we conducted our first webinar along with the panellists Greg Lishak from Jones & Partners and the Newham Business Desk Team.
27 May 2020

During our first webinar, we covered various topics including accessing government support, business grants as well as cash preservation and maintaining up-to-date records.

Newham Business Desk Team covered the grants funds. 

82% of the Business Grants (47 million worth) have been now paid out by Newham Council to local businesses. Applications are processed on the same day and are paid out within 5-6 working days. 

The central government will allocate additional funds which will cover more grants for businesses, including: 

  • Small businesses in shared offices; regular market traders who do not have their own business rates assessment; 
  • Bed&Breakfast which pay Council tax instead of business rates;
  • Charity properties in receipt of charitable business rates relief;

When applying to grants, please check your business and payment details to avoid payment delays. You cannot receive multiple grants. 

The Self-Employment Income Support Scheme is now open and can be claimed. 

 

Greg Lishak from Jones & Partners spoke about Cash preservation and covered:

  • minimising outflows (staff costs, rent/mortgage payment; other creditors, tax payments)
  • and maximizing inflows (continued marketing debtors reviews & management; selling nonessential items; reviewing loans options).

Few other important points:

  • the importance of keeping your records updated, including your bookkeeping system, debtor and creditor balances, etc, they will help when applying for loans
  • this is the time to start thinking how your business will look between now and when the lockdown is lifted or when the Fourlough is over (i.e. security measures)
  • go through your suppliers' list and see if you need all of the services, have a call with them and have an honest conversation
  • don’t stop your sales or marketing activities, use social media to communicate with your customers and talk about your product/service
  • diversify your revenue streams-think where you can change your revenue (for instance where business goes into takeaways etc)
  • use real-time data to make cashflow forecast (more appropriate data to use when considering a loan application process)

 

If you have questions or assistance regarding any topic that was covered in the presentation, you can contact Jones & Partners directly.

You can also check their COVID19 Business resources hub: http://clientresources.co.uk/

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